Real Estate

The Official Mortgage Rates Thread

Newbie
Apr 22, 2019
28 posts
57 upvotes
ShareeW16324 wrote: So how is everybody getting these amazing rates. I have had two mortgage brokers call me and do nothing for me. All they could offer was a 2.7 five fixed.
Its almost like you have to have nothing on a property you own for a broker to work with you. Im still looking to get these amazing rates. Have NO clue what to do.

Anyone touting their awesome mortgage rates (especially the discounts on variable rate mortgages)... these were locked in weeks or months ago. They are just happy they have the awesome rate, and are vocal in their excitement. And why not! :)
Jr. Member
Nov 24, 2019
157 posts
301 upvotes
Saskatoon
ShareeW16324 wrote: So how is everybody getting these amazing rates. I have had two mortgage brokers call me and do nothing for me. All they could offer was a 2.7 five fixed.
Its almost like you have to have nothing on a property you own for a broker to work with you. Im still looking to get these amazing rates. Have NO clue what to do.
Take a time machine back to 3 weeks ago, and get as many rate holds as you can.
Member
Mar 8, 2010
219 posts
100 upvotes
Vancouver, BC
canoek wrote: Even with ARM, the first payment after a rate drop doesn't change. But you pay less interest and more principal. Second payment onwards, it changes.
Have the same question regarding to variable rate.
My RFA mortgage overall Payment(Principle+Interest) has decrease, however the principle amount has increased.
Shouldn't the principle stay the same?
Sr. Member
Aug 6, 2014
830 posts
290 upvotes
Ottawa, ON
Hi!

My 120 day period just started. Need to renew by July 30th.

-How much is the mortgage owing? $291,000
-Roughly, what is the current market value of the property? $525,000
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Merix Financial
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? July 30 2015
-When is your renewal date? July 30 2020

I would also like to get a $50k HELOC to cover some home renos that will be happening hopefully this summer, depending on how the pandemic plays out. I understand this is generally a better idea than refinancing.

Open to variable or 5 year fixed. Please let me know my options. Thanks!
Newbie
Sep 25, 2011
24 posts
70 upvotes
Vancouver, BC
dr_torch wrote: I'm currently in talks with Tangerine also. I also did not want a collateral mortgage, but my pre-approval with Tangerine is 2.19%. My thoughts are that even if I need to pay $1k to leave Tangerine in 3 years then I am still going to be ahead.

I'm sort of frustrated with First National. I have been with them for 5 years and they said "on an exceptional basis, we want to give you a highly discounted rate as a gesture of appreciation of 2.94%". I'm not sure I consider it a gesture of appreciation :)
@dr_torch Agreed about FN. They strung us along with the same Renewal spiel repeatedly well into March, always lagging behind the competitive Lender marketplace. We fortunately contacted a number of the Brokers here on RFD for advice etc., eventually signing with @ahlaker for the True North Mortgage / THINK Financial "The Works" product. It's a Conventional mortgage, not Collateral Charge. Easy peasy, fantastic service & superb rate.

THINK Financial adjusted their Prime rate immediately in step with the Big Banks, unlike many Monoline Lenders being discussed of late.

Cheers. Dogstar.
Member
Jan 19, 2006
354 posts
34 upvotes
Do you guys think the rates will go down more for fixed or increased discount for the variable? The RBC 5 yr Variable rate I'm offered atm is at 2.35% (P=0.1%)?
Member
Apr 18, 2017
407 posts
176 upvotes
Ottawa
RayJ50907 wrote: Anyone touting their awesome mortgage rates (especially the discounts on variable rate mortgages)... these were locked in weeks or months ago. They are just happy they have the awesome rate, and are vocal in their excitement. And why not! :)
Going on RFD is really not good for my mental health. Our broker told us to with a fixed rate 3 weeks/month ago and now i'm stuck with %2.29. seeing people that have a full percentage point less feels like a kick in the nuts :(
Deal Addict
Sep 20, 2006
1548 posts
532 upvotes
Winnipeg
xxxronjames wrote: Going on RFD is really not good for my mental health. Our broker told us to with a fixed rate 3 weeks/month ago and now i'm stuck with %2.29. seeing people that have a full percentage point less feels like a kick in the nuts :(
2.29% is a great fixed rate. I wouldn't worry about that at all.
Lorenzo
Newbie
Apr 8, 2017
14 posts
3 upvotes
I've always been a fixed rate guy but at the moment Scotiabank is offering me 5 year variable 2.27% and the best fixed is 2.88% 4 year.

I was offered a 2.49 fixed few weeks ago but that is off the table now. Is it a no brainer move to accept this variable offer or wiser to wait it out?

I am due for renewal end of June, owe about 195k on my mortgage. Currently on a 2.69% 5 year fixed. Owner occupied, insured property.

Thanks in advance.
Newbie
Mar 16, 2015
92 posts
34 upvotes
Edmonton, AB
Is it crazy (or possible) to just get a HELOC (no mortgage) with Tangerine at Prime -0.1% and use it like Manulife all-in one product, basically using the HELOC as your checkings/savings account?

What would be some of the downsides?
Monthly compounding as opposed to semi monthly?
Lack of getting a better discount on prime at future date?
Give up on my CMHC insured mortgage?
Need at least 65% equity in your home?

Thoughts, am I missing anything else?
Newbie
Sep 26, 2016
17 posts
10 upvotes
jojo9098 wrote: Have the same question regarding to variable rate.
My RFA mortgage overall Payment(Principle+Interest) has decrease, however the principle amount has increased.
Shouldn't the principle stay the same?
When the total payment goes down, the principal portion must go up slightly to compensate for smaller principal payment in the later half of the amortization. Think equal-area trapezoids.
Newbie
Feb 26, 2006
99 posts
47 upvotes
Toronto
xxxronjames wrote: Going on RFD is really not good for my mental health. Our broker told us to with a fixed rate 3 weeks/month ago and now i'm stuck with %2.29. seeing people that have a full percentage point less feels like a kick in the nuts :(
2.29 fixed is really good, you can’t get that today (as far as I know). And the 1.16 and 1.34 ect that you are seeing people talk about are variable rates. P-1.29, p-1.11, not available now.
Newbie
Sep 27, 2017
35 posts
21 upvotes
Toronto
dr_torch wrote: I'm currently in talks with Tangerine also. I also did not want a collateral mortgage, but my pre-approval with Tangerine is 2.19%. My thoughts are that even if I need to pay $1k to leave Tangerine in 3 years then I am still going to be ahead.

I'm sort of frustrated with First National. I have been with them for 5 years and they said "on an exceptional basis, we want to give you a highly discounted rate as a gesture of appreciation of 2.94%". I'm not sure I consider it a gesture of appreciation :)
I just signed up with Tangerine on a 3 year 2.19 rate in mid March. They gave me $250 to cover the appraisal fee and $750 to cover the legal and discharge fees. Doesn’t cover all the costs, but I only have to pay $350 out of pocket. They also gave me a 30 year amortization. Just ask for what you’re looking for and they’ll be happy to oblige. There was no push back whatsoever. Although, I did ask if they could give more than the $750 for legal and discharge fees and they declined that ask.

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